After the latest Ethereum (ETH) pullback, some analysts have pointed to a bearish setup that suggests the leading altcoin could see another correction toward its potential market bottom.
Ethereum Bear Setup Breakdown Spells Trouble
On Tuesday, Ethereum saw a 5.5% intraday drop from its daily opening, falling below the $1,900 barrier for the first time since late February. Notably, the King of Altcoins broke down from its five-day range between $1,965-$2,035, reaching a two-month low of $1,880.
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Amid today’s broader pullback, which also sent Bitcoin (BTC) toward the $67,000 support, market observer Trader Tardigrade affirmed that ETH’s final correction may be around the corner as a key bearish pattern is “repeating perfectly.”
The trader pointed out a breakdown from a bear flag formation on the altcoin’s three-day chart. The setup had been forming since the February market crash, with the cryptocurrency breaking out of the pattern’s lower boundary around mid-May,
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